Theo Chatha, Chief Financial Officer, Bibby Financial Services [1]
The Labour party now has an opportunity to drive economic growth through the UK's resilient small and medium sized business community, and to support them in boosting output. But first, they must address key areas of concerns for SMEs, and access to finance is an area that requires attention.
"We know that for many SMEs, high street banks remain the first and only port of call, so there's a strong opportunity for Labour to increase competition in the commercial lending sector and to enable SMEs to access a wider range of options.
That's why we were encouraged to see Labour commit to strengthening the British Business Bank's Bank Referral Scheme in January. But clearly, more still needs to be done to make it work effectively. Despite much effort from the British Business Bank and the designated platforms and lenders, the number of businesses the scheme has supported since its launch in 2016 has been hugely disappointing.
We would urge this government to develop a new scheme that includes input from a wider array of SME funders and commercial finance brokers, to ensure that the initiative delivers for SMEs. This would ensure Labour gives SMEs more choice and agency over how they finance themselves to grow and thrive.
Mark Sweeny, CEO of de Novo Solutions [2], digital transformation technology consultancy
As an Entrepreneur and Small Business owner, I want to see the new government looking forward, and not harking back to what has gone on before as this is not going to be helpful. If we are to ensure our place on the World stage as a leader in technology, we need policies that help foster innovation and allow us to grow as individuals, communities and as a Country. Consequently, I am looking for policies that do not take years to implement but can have an immediate impact over the short term - these include, but not limited to:
1. Cashflow - effective legislation to ensure SMEs are paid on time every time; probably the greatest barrier to economic growth we have today!
2. Repeal IR35 this is not helpful to the freelance community, and all thriving businesses need access to specialist skills to help them grow
3. Greater investment in education, and bridging the gap into the workforce, making it easier and more attractive for businesses to take on new people
4. Address R&D Tax Credits as we have reached the stage where it is now virtually impossible to make a claim for technical innovation
5. Ensure those that create jobs and wealth for others are rewarded fairly for their efforts - so no rises in Capital Gains tax and removal of inheritance tax - make this a society that encourages entrepreneurs
Finally, my message to the newly elected Politicians it is now time to turn words into effective action and deliver to get this country back on track ad where it needs to be.
Jonathan Evans CEO of Discovery [3] helping companies build better workforces
The Labour Party's victory is an unsurprising result given the conversation by the media over the last six weeks. The impact will be apparent, and I don't hold out much hope after the devastation left by previous Labour governments.
The small business is the engine room for the economy of UK PLC with 85% of them employing fewer than 10 people. Where Labour have traditionally been anti-business, I hope Sir Keir's new government recognises the only way to stimulate the growth needed to fund all pledges made to date, is to ensure our businesses are able to thrive. This means lower corporation tax and lower capital gains tax; areas we know they will not support. A highly taxed economy will never deliver the growth or inward investment we need. The lack of detail surrounding Labour's plans is grave cause for concern, causing my optimism toward the new government to be muted. I will now consider the strategy we will need to adopt in order to protect the business and my teams, and some of my plans for expansion and investment will remain on hold for the time being.
Andy Chamberlain Policy Director of the IPSE [4] - the self-employed association
Congratulations to Sir Kier Starmer. His campaign recognised the urgent need to drag our labour laws into the 21st century. This work doesn't just matter to workers and bosses, but also the millions of people who are their own boss - the self-employed.
Our outdated employment laws mean that whilst bogus self-employment impacts vulnerable workers, other genuinely self-employed people face an uphill struggle to prove that they're ‘in business'.
"Like him, we're eager for this work to start within the first 100 days of his government, and we look forward to working with the new government to help get this legislation right. By overhauling our employment rules, the Prime Minister could make or break the fortunes of the self-employed sector.